• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

MENUMENU
  • Saving and Spending
    • CDs
      • CD Rates Forecast: Will Rates go up in May 2022?
      • Capital One CD Rates
      • Ally Bank CD Rates
      • Chase CD Rates
      • Citibank CD Rates
      • Discover Bank CD Rates
      • US Bank CD Rates
      • Fidelity CD Rates
      • Edward Jones CD Rates
      • Charles Schwab CD Rates
      • Navy Federal Credit Union CD Rates
      • Vanguard CD Rates
    • Savings
      • Best High Yield Online Savings Accounts [May 2022]
      • Aspiration Spend & Save
      • Bask Bank High Interest Savings
      • Citi Accelerate Savings
      • Affirm Savings
      • Smarty Pig
      • Tab Bank High Yield Savings
      • Vio Bank Online Savings
      • Crypto Interest Accounts
      • Alternatives to CDs and Savings
    • Checking & Debit
      • 20+ Best Debit Cards for Kids & Teens [May 2022]
      • Best Bank Promotions & Cash Bonuses for 2022
      • Citibank Checking Account Bonuses
      • Huntington Bank Bonuses
      • PNC Bank Bonuses
      • Truist Bank Bonuses
      • Wells Fargo Checking Account Bonus
      • Chase First Banking
      • Fidelity Youth Account
      • Verizon Family Money
      • Copper Banking
      • BusyKid
      • Greenlight
  • Investing
    • Real Estate
      • Top 8 Real Estate Crowdfunding Platforms for 2022
      • Yieldstreet Review 2022 – 9.71% Avg Annual Returns
      • CrowdStreet
      • Fundrise Review: Compare Annual Returns vs Competitors
    • Stocks & More
      • Best Stock Screening Service
      • MotleyFool
      • Stansberry Research
      • Seeking Alpha
      • Zacks Investment Research
      • Citi Personal Wealth Management
      • Robinhood Cash Management
      • Fidelity Cash Management
You are here: Home / CD Rates / Lafayette Federal Credit Union CD Rates: Up to 1.26% APY + 0.75% APY Savings Account

Lafayette Federal Credit Union CD Rates: Up to 1.26% APY + 0.75% APY Savings Account

Lauren Graves
September 4, 2020

image credit: lfcu.org

Lafayette Federal Credit Union is a regional institution with branch locations in Maryland, Virginia, and Washington, D.C.

Founded in 1935, this small credit union serves roughly 20,000 members in the greater D.C. area.

If you’re looking for a credit union that feels more personal than what you’d get with a bigger bank AND you live in or around D.C., you might want to give Lafayette Federal a try.

A few of their products are fairly competitive in terms of rates, especially for a credit union. For example, they feature a promotional checking account with an APY of 3.03% on balances up to $3,000 as long as a few criteria are met.

They also have solid rates on their longer term certificates of deposit. Their 5 year CD features a yield well over twice the current national average.

For more information on the deposit products offered by this institution as well as membership eligibility, read our full review below.

In this post you'll learn:

  • Lafayette Federal Credit Union CD Rates + Account Details
  • Lafayette Federal Credit Union Savings Accounts and Money Market
  • Lafayette Federal Credit Union Money Market Rates
  • Lafayette Federal Credit Union Relationship Checking
  • About Lafayette Federal Credit Union + Eligibility
  • Final Thoughts

Lafayette Federal Credit Union CD Rates + Account Details

Lafayette Federal deposit accounts are federally insured by the National Credit Union Administration up to $250,000, the maximum amount allowed.

A unique aspect of Lafayette’s certificate products is that they sell both fixed and variable rate CDs. And both come with competitive rates.

Lafayette Federal Credit Union Fixed-Rate CDs

CD TermMinimum DepositAPY
7 month$5000.70%
1 year$5000.80%
2 year$5000.90%
3 year$5001.01%
4 year$5001.16%
5 year$5001.26%

To put the offers above in perspective, the current national average for a 1 year CD and a 5 year CD sit at just 0.22% APY and 0.54% APY, respectively.

Lafayette Federal Credit Union Variable-Rate CDs

CD TermMinimum DepositAPY
18 month$500.75%
3 year$500.90%
5 year$501.11%

There are a few differences between these two certificate types besides the rates.

One is that the variable-rate CDs require a minimum opening deposit of $50 and the fixed-rate CDs require a minimum opening deposit of $500.

Another is that you can deposit more money into a variable-rate account at any time prior to maturity. This cannot be done with the fixed rate CDs.

The most notable difference though is in the name(s) – “variable” and “fixed.” With a fixed CD you are getting locked into an interest rate until maturity. With a variable CD your rate and APY will rise and fall with the market – much like a money market account or online savings account.

In general, variable-rate CDs are going to be better when you expect interest rates to rise and fixed-rate CDs are going to be best in times of declining interest rates.

Lafayette Federal Credit Union Savings Accounts and Money Market

Lafayette Federal Credit Union has many savings accounts in its product suite:

  1. A Share savings account, your ticket to membership with Lafayette;
  2. An IRA savings account,
  3. A Preferred savings account; and
  4. A Premier savings account.

The Share savings is going to pay you the least amount in interest but will be the easiest to maintain, and a Premier savings account will pay the most in interest but will require a high deposit and minimum balance to maintain.

Lafayette Federal Credit Union Savings Account Rates

AccountMinimum BalanceAPY
Share Savings Account$500.10%
IRA Savings Accountna0.50%
Preferred Savings Account$0 – $19,999.990.20%
$20,000 +0.30%
Premier Savings Account1st $50k0.30%
2nd $50k0.40%
Next $150k0.50%
Next $250k +0.75%

To give the offers above more context, the current national average for a savings account sits at just 0.06% APY. And the current national average for a money market account doesn’t fare much better at 0.09% APY.

Dividends are compounded quarterly and paid quarterly on all savings accounts.

Lafayette Federal Credit Union Money Market Rates

BalanceAPY
$0 – $2,4990.00%
$2,500 – $24,9990.05%
$25k – $149,9990.15%
$150,000 +0.30%

These money market accounts require a minimum opening deposit of $2,500 and they can be opened in-person or online.

How to Avoid Fees on the Savings Accounts and Money Market Accounts

Remember your Share Saving account, while it doesn’t yield much, is your key to membership. So be sure to keep at least $50 in the account. Failure to maintain this balance will result in a $10 monthly charge.

Excessive withdrawals over the federally enforced limit of 6 per statement cycle cost $10 each for Preferred savings accounts, $20 each for money market accounts, and $100 each for Premier savings accounts.

Lafayette Federal Credit Union Relationship Checking

If you open Lafayette’s Relationship Checking account you’ll be signing up for a decent interest-bearing checking account with the potential to earn an APY of 3.03%.

This excellent interest rate is, of course, conditional. It only applies to balances up to $3,000 plus comes with some monthly hoops to jump through (criteria listed below).

Above $3,000, your balance will earn an APY of 0.025%. A minimum opening deposit and average daily balance of just $5 is required. Interest is compounded and paid quarterly similar to Lafayette’s other deposit products.

How to Earn the 3.03% APY on Balances up to $3,000

To earn the 3.03% APY dividend rate, members will be obligated to

  1. Continue to receive their statement electronically (no paper statements will be mailed),
  2. Sign in to online banking at least once per month,
  3. Maintain at least one (1) qualified direct deposit of at least $500 per month, and
  4. Complete at least five (5) debit card point of sale transactions per month.

Qualified direct deposits include:

  1. Recurring direct deposits via a paycheck,
  2. Pension,
  3. Social Security or
  4. Other periodic payment of at least $500 into a checking account on a month-to-month basis made by an outside organization or agency.

About Lafayette Federal Credit Union + Eligibility

Lafayette Federal Credit Union is not open membership, so you need to meet their eligibility requirements in order to join.

These criteria are mostly employment and location based. You can immediately qualify through your employer, through your area of residence, or through a family member.

This credit union extends membership to employees of many corporations, some national and even international (Whole Foods, AMEX, and more) and some regional. You can also join if you are the relative of someone that is already a member or if you live in Potomac, Maryland or you live, work, or worship in select regions of D.C.

Those that don’t meet the above eligibility requirements can easily join by becoming a member of the American Consumer Council (ACC) for free through this link. For all details about qualifying employers and regions, please visit the membership eligibility page.

Branches and ATMs

Lafayette Federal participates in co-op shared branching with over 6,000 branches and thousands of surcharge-free ATMs across the country. There are only 8 Lafayette Federal Credit Union branches, and these are located in: 

  • Crystal City, Virginia
  • McLean, Virginia
  • Kensington, Maryland
  • Potomac, Maryland
  • Rockville, Maryland
  • Washington, D.C.

Most accounts can be opened and managed online, and Lafayette Federal Credit Union has an app for both Apple and Android devices to make banking more convenient whether you live near a branch location or not.

Final Thoughts

If you live in the greater D.C. area and are looking for a competitive long term CD or a rewards checking account, then Lafayette Federal Credit Union might be a good home for you.

Just note that better rates on variable rate deposit products can be had through online institutions that don’t have such strict eligibility requirements. The trade-off being you will have a less personalized banking experience and will have to manage your accounts online.

ABOUT THE AUTHOR

Lauren Graves: Lauren is a writer and editor specializing in personal finance and education. She works for the digital publishing company, Dotdash, as a content update editor and writes for SavingforCollege when she's not writing for APYGUY. A former educator, she is passionate about teaching and hopes to help others save and spend smarter through accessible and informative writing.
Read More

Filed Under: CD Rates

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

APY Updates

  • Synchrony Bank CD Rates – Now up to 2.60% APY!
    May 20, 2022
  • Axos Bank CD Rates – Up to 1.0% APY
    May 19, 2022
  • Chase Bank CD Rates – Are they worth opening in 2022?
    May 18, 2022
  • Union Bank CD Rates – See how they compare in 2022
    May 17, 2022
  • Ally Bank Money Market Account – Now up to 0.60% APY
    May 16, 2022
  • CIT Bank Savings Accounts – Now up to 0.90% APY
    May 16, 2022
  • Best CD Rates in Florida [2022 Report]
    May 16, 2022

The Big Banks

  • Bank of America CD Rates
  • Capital One CD Rates
  • Citibank CD Rates
  • Chase Bank CD Rates
  • Wells Fargo CD Rates
  • U.S. Bank CD Rates

Noteworthy Credit Unions

  • Navy Federal Credit Union CDs and Savings
  • Patelco Credit Union CDs and Savings
  • PenFed CDs and Savings
  • Connexus Credit Union CDs and Money Market

Brokered CDs

  • Edwards Jones
  • Charles Schwab
  • Fidelity
  • Vanguard

Alternatives

  • 12 Alternatives to CDs and Savings Accounts

Real Estate Investment Platforms

  • Fundrise - up to 22% Returns
  • CrowdStreet - up to 17.1% Returns
  • Yieldstreet - Avg 10.61% Returns

Footer

Disclaimer

APY GUY strives to keep its information as accurate and up to date as possible. This information may be different than what you see at a bank, credit union or other financial institution. This applies to both in person visits and their website(s). Any financial products or services represented or discussed on this website are without warranty. When evaluating offers viewed on APYGUY.com, please read the financial institution’s Terms and Conditions.

About Us. Privacy Policy. Terms Of Use. How We Make Money.

Categories

Connect with Us:

  • Email
  • Facebook
  • LinkedIn
  • Twitter

Know of a fantastic APY offered by your local bank or credit union?

Don’t be shy, please share!

Send an email to hello@apyguy.com with the name of the institution, rate (APY) and type of product.

Our editorial staff will confirm the product, rate and APY (annual percentage yield) with the institution and publish it immediately for our viewers.

Copyright © 2022 - APYGUY: Maximize Your Savings & Earnings

Home>CD Rates>Lafayette Federal Credit Union CD Rates: Up to 1.26% APY + 0.75% APY Savings Account